Excellon Resources Adds Additional 31,000 Hectares on Northern Fresnillo Silver Trend
TORONTO, Oct. 30, 2018 /CNW/ - Excellon Resources Inc. (TSX:EXN and EXN.WT.A; OTC:EXLLF) ("Excellon" or the "Company") is pleased to announce a significant increase in the Company's land position around the Miguel Auza property in Zacatecas, Mexico.
- Title received on 31,000 hectare Evolución mineral concession immediately southeast and along trend of Hecla Mining Company's San Sebastian Mine, consolidating over 45,000 hectare (450 km2) exploration package with existing Miguel Auza concessions and covering over 35 kilometres of strike in one of the world's premier silver districts (collectively now called Evolución)
- Evolución has seen negligible previous exploration
- Hyperspectral imagery and regional compilation work confirm that major structures and alteration associated with Fresnillo silver trend continue through the property
- Regional geological mapping and geochemical surveys are underway
- Drilling continues to the south of the property and has already confirmed pervasive epithermal mineralization on multiple targets
"We're excited to start working on the Evolución concession, which is the product of extensive preparation over the past year," stated Ben Pullinger, SVP Geology. "Looking under cover for blind deposits is the evolution of exploration in Mexico, with Hecla's San Sebastian deposit illustrating this potential just north of us. We will shortly commence a regional mapping and geochemical program to develop exploration zones and drill targets."
The consolidated Evolución land package is located on the northeast trend of the Fresnillo silver belt, southeast of Hecla's San Sebastián deposit. The property straddles the crustal-scale break between the Central Terrane and the basement units in this area. This break is prospective for mineral exploration along the trend.
As announced in a press release dated October 2, 2018, initial drilling to the south at Miguel Auza has already confirmed potential in the area, with broad mineralized intersections of anomalous gold, silver and base metal concentrations including discrete higher-grade zones of carbonate veining, bladed calcite and silica with associated galena, sphalerite and pyrite. This mineralization is typical of the Fresnillo silver trend. Drilling is ongoing on multiple targets that remain open along strike and at depth.
The Company's Miguel Auza mineral processing facility, which processes ore from the Platosa Mine, is located south of the newly acquired concessions on the original Miguel Auza concessions (now part of Evolución). The mineral processing facility currently has capacity of 800 tonnes per day ("tpd"), with opportunities available for further expansion, to process increased Platosa Mine production and potential new discoveries at either Platosa or the consolidated Evolución concession. As previously announced, a bulk sample from the San Sebastián Mine will be processed later this year in preparation for a toll milling arrangement with Hecla Mining Company on San Sebastián sulfide ore.
Excellon's 100%-owned Platosa Mine in Durango has been Mexico's highest-grade silver mine since production commenced in 2005. The Company is focused on optimizing the Platosa Mine's cost and production profile, discovering further high-grade silver and carbonate replacement deposit (CRD) mineralization on the 21,000 hectare Platosa Project and epithermal silver mineralization on the 100%-owned 45,000 hectare Evolución Property and capitalizing on the opportunity in current market conditions to acquire undervalued projects in the Americas.
Additional details on the La Platosa Mine and the rest of Excellon's exploration properties are available at www.excellonresources.com.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties, and particularly the September 7, 2018 NI 43-101 technical report prepared by SRK Consulting (Canada) Inc. with respect to the Platosa Property. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Figure 1: Evolución land package